VLCC Sold for $26.5m

Friday, September 21, 2007
Chemoil sold its 225,000 dwt tanker, MT Anand Sea for $26.5m to Glory Town Investments Limited. Chemoil’s CFO, Jerome Lorenzo, said “In view of the earlier than scheduled commencement of our land based storage terminal, the fuel oil market being backwardated until the end of this year and the anticipated decline in the second hand tonnage market, we have considered it to be commercially prudent to dispose the floating storage facility given the attractive purchase offer.” The company currently leases 46,099 metric tons of land based storage capacity at Vopak in Singapore for fuel oil and blended products. The VLCC was originally acquired as a short-term measure to provide additional capacity until its terminal was completed. However, during Chemoil’s second quarter, the vessel experienced operational disruptions whilst stationed in Malaysian waters. The transaction through Chemoil’s wholly owned subsidiary, Anand Sea Shipping Limited, will result in a net gain for the Group’s current financial year with a corresponding increase in the net tangible assets. In the interests of upholding sound corporate governance, none of the directors or the controlling shareholder of Chemoil are related to Glory Town or have any personal interest in the disposal of MT Anand Sea. Jerome Lorenzo concluded: “The transaction has been a timely and profitable opportunity. We look forward to strengthening our performance in Singapore during the next quarter and increasing Chemoil’s long-term market growth within the region.”
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